OPEC+ opts for increase in oil production

Last Wednesday (1), members of Opec+ (Organization of Petroleum Exporting Countries and their allies) confirmed that they will increase their production level to 400,000 barrels per day from next October. According to a statement from the group, which has a strong global impact with its decisions: "although the effects of the Covid-19 pandemic continue to cast some uncertainty, market fundamentals have strengthened and OECD shares continue to decline as the recovery accelerates."

Joe Biden, president of the United States, has shown strong interest in increased production. According to Miguel Jaimes, a doctor of oil geopolitics, "the U.S. will certainly advocate overproduction, an old strategy to lower oil prices by increasing supply in the market." Experts point out that the interests that pressured the meeting are given by the current moment of the country, which is experiencing a scenario of depletion of oil wells.

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